The cannabis industry has been growing rapidly in recent years, with more and more states legalizing the use of marijuana for medical and recreational purposes. As a result, there has been a significant increase in the amount of data and statistics available on the industry. In this article, we will provide a comprehensive compilation of cannabis industry statistics and data, covering everything from market size and growth to consumer demographics and trends.
Market Size and Growth
According to a report by Grand View Research, the global legal marijuana market size was valued at $17.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 18.1% from 2020 to 2027. The report also predicts that the North American market will continue to dominate the industry, accounting for over 90% of the global market share.
In the United States, the legal cannabis market is projected to reach $73.6 billion by 2027, according to a report by New Frontier Data. The report also estimates that the industry will create over 400,000 jobs by 2021.
Consumer Demographics
A survey conducted by BDS Analytics found that the majority of cannabis consumers in the United States are between the ages of 25 and 44, with 56% being male and 44% being female. The survey also found that 71% of cannabis consumers have a college degree or higher, and 36% have an annual household income of $75,000 or more.
Trends in Consumption
The same BDS Analytics survey found that smoking remains the most popular method of consuming cannabis, with 54% of consumers reporting that they smoke it. However, other methods such as edibles, tinctures, and topicals are becoming increasingly popular.
Another trend in the industry is the rise of CBD products. CBD, or cannabidiol, is a non-psychoactive compound found in cannabis that has been shown to have a variety of health benefits. According to a report by Brightfield Group, the CBD market is projected to reach $22 billion by 2022.
Regulatory Landscape
The legal status of cannabis varies widely across the United States and around the world. As of 2021, 36 states and the District of Columbia have legalized medical marijuana, while 15 states and the District of Columbia have legalized recreational use. However, cannabis remains illegal at the federal level in the United States.
In Canada, cannabis was legalized for recreational use in 2018, making it the second country in the world to do so after Uruguay.
Conclusion
The cannabis industry is a rapidly growing and evolving market, with new data and statistics emerging all the time. This comprehensive compilation of cannabis industry statistics and data provides a snapshot of the current state of the industry, including market size and growth, consumer demographics and trends, and the regulatory landscape. As more states and countries legalize cannabis, it will be interesting to see how the industry continues to develop and what new data and insights emerge.
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- Source: Plato Data Intelligence: PlatoData